US gas price surge gives a lift to Chesapeake Energy
Chesapeake Energy, the second largest US producer of natural gas, reported a sharply higher quarterly profit yesterday that topped expectations, helped by a 53 per cent rise in gas prices. Profit in the quarter was $374m, on output 11 per cent higher.
Sotheby’s narrows its losses as value of sales tops $1bn
Sotheby’s yesterday revealed a 54 per cent surge in revenues to $156.8m for the first quarter of the year, though rising expenses meant the firm posted a loss of $6.1m, from $22.3m a year ago. The auction house sold artwork worth $1bn in the period.
Allergan is still weighing up Valeant takeover offer
Allergan yesterday reported better-than-expected first-quarter profit on strong sales of Botox and medical devices, and said it was reviewing an unsolicited $47bn (£27.7bn) takeover bid from Valeant Pharmaceuticals.
In its quarterly report, Allergan noted it has in place a one-year stockholder rights plan, commonly called a poison pill, meant to give the company more time to weigh the offer.
Allergan earned $257m in the quarter. That compared with $12.5m in the year-earlier period, when it took a big charge for discontinued operations. Global sales rose 13 per cent to $1.62bn, topping Wall Street expectations of $1.6bn.
Tim Hortons says a bitter winter cooled coffee sales
Tim Hortons’ results fell short of forecasts yesterday, with fewer customers frequenting established stores in the US and Canada. The firm, which serves almost eight in 10 cups of coffee sold in Canada, said it faced unusually cold winter weather and tough competition.